Freeserve not going bust: official

We've £100m to spend says investor relations manager

Freeserve's investor relations manager Paul Barker has contacted us to categorically deny that the ISP is running out of money. We pondered the question after the recent mass billing fiasco and a number of other customer complaints revolving around getting money out of Freeserve.

However, Paul has put the record straight. Last quarter, Freeserve had cash of £50 million plus another £30 million tucked away. Plus £10 million from the sale of Streets Online to Kingfisher. Plus their bank overdraft etc etc. So it's got around £100 million to play around with.

Losses last quarter were running at £14.6 million, so just taking these two figures we're looking at less than two years happy commerce. But, hang on, says Paul, analysts reckon Freeserve we be in profit within two years. Fantastic, if a little tight.

Which begs the question why is Freeserve kicking off hundreds of paying customers, why is it threatening "non-abusive" users with bailiffs if they don't pay that £10 they owe, why hasn't it coughed up that £3 rebate, why are some people confused that they are paying more for a service than they thought?

Freeserve never intended Unlimited Freeserve Time to be unlimited, nor to be used by business. Some individuals have accidentally fallen into the cut-off zone etc etc. Anyway, we've been here before - see the stories below.

For the rest of the questions, we need to talk to Energis apparently. So we will and then tell you what they say. ®

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